Ordinance 1858-92 - Laserfiche WebLink

Section 6 . 05 . Duties and Responsibilities. Except during the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Trustee and in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates and opinions fur- nished to the Trustee and conforming to the requirements of this Agreement. If any Event of Default shall have occurred and be continuing, the Trustee shall exercise such of the rights and remedies vested in it by this Agreement and shall use the same degree of care in their exercise as a prudent man would exercise or use in the circumstances in the conduct of his own affairs ; provided, that if in the opinion of the Trustee such action may tend to involve expense or liability, it shall not be obligated to take such action unless it is furnished with indemnity, and arrangements for payment thereof, satisfactcry to it. The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Owners of Certificates representing not less than a majority in principal amount of the Lease Payments at the time Outstanding, related to the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Agreement. Section 6. 06. Reliance on Requisition, Etc. The Trustee may act on any requisition, resolution, notice, telegram, request, consent, waiver, certificate, statement, affidavit, voucher, bond, or other paper or document which it in good faith believes to be genuine and to have been passed or signed by the proper persons or to have been prepared and furnished pursuant to any of the provi- sions of this Agreement; and the Trustee shall be under no duty to make any investigation as to any statement contained in any such instrument, but may accept the same as conclusive evidence of the accuracy of such statement. Section 6. 07. Construction of Ambiguous Provisions. The Trustee may construe any ambiguous or inconsistent provisions of this Agreement, and any such construction by the Trustee shall be binding upon the Owners. Section 6. 08 . Resignation of Trustee. The Trustee may resign and be discharged of the trusts created by this Agreement by written resignation filed with the City. Such resignation shall take effect only upon the appointment of a successor Trustee. If no successor Trustee shall have been appointed within 45 days of C-21 KR173 92/01/27